Word: dollarization
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...soon get - greater voting rights in the IMF. In June, China agreed to buy up to $50 billion in bonds issued by the IMF to boost the fund's capacity to deal with the global financial crisis. Earlier this year, Chinese leaders, worried about the strength of the U.S. dollar and the safety of their own $763.5 billion investment in U.S. Treasury Department debt, called for the creation of an alternative to the greenback as a global reserve currency. More recently, Beijing has signaled an intention to slowly establish its own currency, the renminbi, as a dollar alternative in international...
Take a drop or risk the trees? A few inches off either way, and the ball will ricochet into the forest. The stakes aren't high: Barack Obama, who has golfed almost every weekend since it got hot in Washington, plays a dollar a hole. But these leaders have more than money on the line. They are facing down their aides, men a fraction of their age. And no one wants to lose. (See pictures of the worst golf fashion...
...California. "I burst out laughing. I could not get over it," she said of the fine-artwork-filled home that the Marin County couple swapped with her so they could visit their daughter and her new baby. "They got this little, small apartment, and I got this million-dollar home. I laughed at the trade, but they were happy to be near their daughter in Manhattan, so it worked out fine." (See pictures of luxury private islands...
...liners who respect no rule of law and care nothing for the national good, putting personal wealth and power above all other considerations." Nevertheless, he said, change was visible. The economy was reviving. Schools and hospitals had reopened. Now that the Zimbabwean currency had been replaced by the U.S. dollar and the South African rand, inflation has fallen from 231,000,000% to 3%. And while Mugabe and ZANU were the problem and "pose the greatest threat to our nation's future," Tsvangirai argued, they were also part of the solution. "We must realize and accept that these individuals...
...begun channeling water to a 770-sq.-mi. man-made lake in the middle of the vast Karakum Desert. Turkmen leaders say the lake will help plant life bloom and attract migratory birds, but experts argue that much of the water will simply evaporate and that the multibillion-dollar project could cause an ecological catastrophe...